Digital Transactions via Mobile Technologies

Mobile wallet and payment apps are being downloaded at an increasingly rapid rate. The popular mobile wallet app Isis is even becoming a preloaded app for some Android smart phones. Isis is one example of a successful payment app for smart phone users that has really taken off. There are also numerous banks that are to enabling their customers to make mobile payments from their bank accounts. It is becoming more and more prevalent for individuals to wave the back of their phone at the checkout counter. Mobile technologies are really changing the way consumers pay for goods and services.

How have companies successfully integrated the use of mobile technologies where digital transactions are concerned?

Strategic Partnerships

Some companies have developed strategic partnerships with brands. Jamba Juice partnered with a digital transactions support company and offered free drinks to customers using the endorsed application. Sales grew for Jamba Juice and overall sales increased as a result. The number of downloads for the app increased.

Hands-free Payments

eBay recently unveiled a new hands-free payment system where a person checks in as they enter the store just by having the device turned on. The store recognizes that the person has successfully checked into the store using Bluetooth technology. At checkout, the customers indicate that they are paying with PayPal and never have to use a card or swipe anything to complete the transaction.

White Label

Companies are now investing in white label options to provide this mode of payment processing to vendors. Companies can work with mobile wallet providers to develop their own custom payment solutions for their businesses. This approach speaks to a larger trend for companies where brands are trying to add convenience to the shopping experience for mobile users.

What are the benefits of doing transactions via mobile technologies from the perspective of the consumer and business owner?

This trend provides numerous benefits for the business owner. Business owners can run promotions around a product for users who agree to use a certain payment method to purchase goods. They can offer exclusive promotions virtually where users can save them to their mobile wallet for use and increase their overall sales.

Mobile transactions provide data. Timing the release of offers sent out to people according to the spending habits is possible. Tracking consumer data also allows the company to match an offer to shopping habits.

These mobile technologies encourage consumers to shop ahead. This means that businesses can allow users with certain mobile wallet services to pre-order whatever they purchase and schedule a pick-up time for their good.

Mobile technologies could be useful for businesses that want to better serve their mobile customers and create a better shopping experience. As the mobile wallet market grows, the smaller business may have an opportunity to cut their payment processing fees.

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3 thoughts on “Digital Transactions via Mobile Technologies

  1. Mobile payment systems certainly make transacting easier. It’s just so seamless. Sometime though, you have to wonder how much of our privacy we are sacrificing. I mean, if this app knows am in a store, knows what I pick at the shelves…after sometime the companies will have an entire record of my shopping habits and probably much more.

  2. I’m very wary of this: as if credit cards weren’t easy enough to run up debts, now we have even easier ways to pay, without even signing. Clearly there is a huge advantage for the retailer, but I think it’s potentially very dangerous for consumers.

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